Been a while since I've posted an update on ETH, starting to catch my eye here as it continues to sell off for potential long entries. ETH is holding quite a large falling wedge here on the daily timeframe but also is testing a long-term uptrend line. ETH is also seeming to be following an ABCDE Elliot wave so will be looking for a potential bounce or breakout after completion. (correctional wave, however, if at the end of the E wave there is no demand on the buy side, there will be no breakout).
Lastly, something certainly worth noting and keeping an eye on the weekly timeframe- a bearish bat harmonic pattern is formed and currently playing out (See Attached Chart Below). Just some support and resistance levels to watch along with some RSI based supply and demand zones to keep an eye on in the meantime- Bearish in the short-term but bullish in the long-term so will be watching closely for potential long entries, all previous charts are attached below
- Falling wedge on the daily timeframe
- RSI in oversold territory on the daily timeframe
- ABCDE Elliot Correctional Wave playing out
- Bearish bat harmonic pattern on the weekly timeframe (See Attached Chart Below)
- Declining volume on the weekly timeframe (See Attached Chart Below)
--Weekly Timeframe--
--Previously Charted--
Lastly, something certainly worth noting and keeping an eye on the weekly timeframe- a bearish bat harmonic pattern is formed and currently playing out (See Attached Chart Below). Just some support and resistance levels to watch along with some RSI based supply and demand zones to keep an eye on in the meantime- Bearish in the short-term but bullish in the long-term so will be watching closely for potential long entries, all previous charts are attached below
- Falling wedge on the daily timeframe
- RSI in oversold territory on the daily timeframe
- ABCDE Elliot Correctional Wave playing out
- Bearish bat harmonic pattern on the weekly timeframe (See Attached Chart Below)
- Declining volume on the weekly timeframe (See Attached Chart Below)
--Weekly Timeframe--
--Previously Charted--
Comment:
ETH Testing its Long-Term Uptrend Line, bounced clean off of it yesterday (White Dotted Line)